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The Advantages of starting your own business with a Co-Founder...
by Startacus Admin
As the old adage goes 'a problem shared is a problem halved' and quite often the same thing goes for the tasks associated withy starting a business.
Starting a business is never going to be easy. However trying to start a business on your own, could become near on impossible, if you don’t have a strong previous business acumen. Even with a previous background in starting businesses, the advantages of starting a business with a Partner, Co-Founder, Friend....call it what you like, is clear. Here are our 4 top reasons why you may wish to consider getting someone else on board...
1. More Time
The most obvious effect working with a partner can have, is that time in essence multiplies in two! Now I am not getting all Stephen Hawkings on you, but if two of you are doing work at the same time, you not only save time, but you also give the effect of being doubly as busy. Self Employed people often complain of having to work 20 hour days, and that is often the case. However, at least with a Co-Founder on board, you could both work 10 hour days, and give the effect of working 20.
2. Two Brains are better than one
Hopefully this is the case anyway - and if it is not, perhaps now is the right time to consider if you have the right Co-Founder in place! Faced with issues, problems, decisions or just out and out business strategy meetings, having two brains working together can help decide on the right course of action. Working on your own, every ‘great’ idea that you come up with, may remain ‘great’ (ME), but a pragmatic Co-Founder, may be able to curb your enthusiasm every now and again, so that you take a level headed approach to what you are looking to achieve (NOT ME).
3. Different Skills and Experiences
Leading on from this, ideally you need to find the right fit. If both of you have the same outlook, talents and experiences, you will be mighty strong in some areas of the business. However, in the areas you are less experienced, you really are missing a trick. If you start a business with two Co-Founders, imagine your business like a brain; you need the right side to be pragmatic, good with words, strategic and able to understand the small print. The left side, whilst obviously having some of this pragmaticism (I don’t want to put myself down!) will have a more creative and artistic approach to thinking. They may rely on visuals and have a more poetic outlook, but struggle with the sums or forecasting. Both are reliant on each other, but together can make a well oiled business plan, a reality.
4. Easier to define Job Duties
Using the above philosophy, it should be easier to define job duties and responsibilities. However don’t be fooled that just because you say you are creative you actually are, and just because you say you are good with words, you will always say the right thing. It is easier with two people to define jobs you will do to build that pyramid, but have regular and well thought meetings to make sure that the blocks don’t go in the wrong place, or not in the right order.
We hope the above points help you to decide whether starting a business with a Co-Founder is a good thing. The main thing to consider is, will that Co-Founder make carrying the weight of the business on your shoulders, a little easier? If yes, is the answer, consider the above....
Check out the Startacus business toolkit for a growing directory of all the business bits and bobs, links and articles you may need - whatever business you are looking to start.
Mi-IDEA Manchester Networking Event
27th Sep 2016
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